St. Augustine, FL's Pre-Transfer Strong Coverage, Stronger Liquidity Lift Utility Revenue Debt Rating To 'A' Nov 11
- Language: English
- Published: November 2011
Standard & Poor's Ratings Services has assigned its 'A+' long-term rating to St. Augustine, Fla.'s series 2013 capital improvement refunding revenue bonds and affirmed its 'A+' ratings on the city's parity non ad valorem debt. The 'A+' ratings reflect our assessment of the following credit strengths: Maintenance of very strong general fund reserves; Strong wealth levels, as measured by market value per capita; and Moderate overall debt levels. Partially offsetting these strengths are St. Augustine's recent assessed value (AV) reductions and adequate income levels, although this factor may be weighted down by the presence of a large retiree population. We understand the city will use series 2013 bond proceeds to refund its series 2004 capital improvement bonds, and for $2...
Companies mentioned in this report are:
- St Augustine
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >